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Naira drops to N1,739/$ in parallel market
In the parallel market, the value of the Naira dropped from N1,735 to N1,739 per dollar on Wednesday to N1,739 yesterday. However, in the Nigerian Autonomous Foreign Exchange Market, or NAFEM, the value of the Naira increased to N1,601.2 per dollar.
According to data from FMDQ, the naira appreciated by N52.89 on Wednesday, as the indicative exchange rate for NAFEM dropped from N1,654.09 to N1,601.2 per dollar.
The official market saw a 69 percent increase in turnover, or the amount of dollars traded, from Wednesday's $136.68 million to $230.99 million.
As a result, the difference between the NAFEM rate and the parallel market rate increased from N80.91 to N137.8 per dollar on Wednesday.
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